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    Oil below $97 amid debt crisis, US economy jitters

    By PABLO GORONDI - Associated Press | AP – Mon, Jul 18, 2011

    Oil prices slipped below $97 a barrel on Monday as weakening U.S. consumer confidence and more signs of financial stress in Europe renewed concerns about demand for crude.

    By early afternoon in Europe, benchmark oil for August delivery was down 80 cents to $96.44 a barrel in electronic trading on the New York Mercantile Exchange. Crude rose $1.55 to settle at $97.24 on Friday.

    In London, Brent crude fell 52 cents to $116.74 per barrel on the ICE Futures exchange.

    On Friday, eight of 90 European banks flunked stress tests designed to gauge how they would fare in another recession, and 16 more barely passed. Investors in Europe have been rattled by concern Greece's debt crisis could spread to other EU countries and further undermine already weak economic growth.

    Traders are also eyeing the U.S., where lawmakers have yet to agree on government spending two weeks from a deadline about raising the debt ceiling. Ratings agencies have put the U.S. credit rating on downgrade watch as a result.

    Consumer confidence fell in July to its lowest in more than two years, according to a Thomson Reuters/University of Michigan survey released Friday.

    "The economic headlines of the last several months have been less than encouraging, especially when it comes to our homes and our jobs," energy consultant The Schork Group said in a report. "So it comes as little surprise that confidence among consumers is now back at levels last seen during the Great Recession."

    Considering Monday's gains by the dollar — the euro was down to $1.4027 from $1.4136 late Friday — oil prices were falling less than expected. A strong dollar makes commodities like crude more expensive for investors holding other currencies and usually pushes prices down.

    "Oil prices are standing their ground relatively well given the strong U.S. dollar," said analysts at Commerzbank in Frankfurt. "It shows investors' growing interest in commodity investments which are in high demand amid the uncertainty on equity and foreign exchange markets."

    In other Nymex trading in August contracts, heating oil fell 1.2 cents to $3.1064 a gallon while gasoline dropped 1.02 cents to $3.1191 a gallon. Natural gas futures lost 2.4 cent to $4.496 per 1,000 cubic feet.

    ___

    Alex Kennedy in Singapore contributed to this report.

     

    7 comments

    • Barry
      Barry  •  10 mths ago
      Big oil companies are still buddy buddy with their political puppets but the American people will never forget how you gouged us while we were down! We never forget and we do get even one way or another!
    • Everett
      Everett  •  10 mths ago
      Oil below $97 yet prices are still rising at the pump. Text book Banking and Wall Street Derivative Scam. Why does Main Street America need this US Treasury backed Banking system or Wall Street...
    • Douglas
      Douglas  •  10 mths ago
      I must be missing something here but if oil prices are below $97/barrel, how can the wholesale price of gasoline still be $3.06/gallon? Unless my memory is failing, didn't oil under $100 mean about $1.50 or so at the pump, not $3.50??? I'm not into conspiracy theories but I must be missing something here. I'm not saying there's a good reason for this to happen but I really can't understand why it (wholesale gasoline) is so much right now. On top of that, between the Federal and State gas taxes- in Ohio it totals 40.4 cents- that means gas is $3.46/gallon before it ever shows up at the gas station.
    • Patrick
      Patrick  •  10 mths ago
      Lower oil=higher consumer confidence=more money to spend on discretionary items=business makes more money=business hires more people=unemployment decreases=better economy.

      And this is too hard to comprehend?
      • Burn wood not oil
        Burn wood not oil 10 mths ago
        You are forgetting forced socilaistic health care, increasing taxes, more restricitons on business, why would they hire with so many unknowns.

        And with the middle class, those households making $34-136K expecting a $2-10K higher tax bill due to loss of mortgage tax credit and employer health benefits being counting as taxable income, that chews up quite a bit of disposable income.
    • world peace now
      world peace now  •  10 mths ago
      I hate oil companies and the traders , i can't till the day i kill them out of my life , they are bunch of scumbags of our human being.
    • Sunny days
      Sunny days  •  10 mths ago
      There is no reason in the world why oil prices should be over $45-$50 a barrel... the scum oil companies and scum rip off oil producers would still be making money hand over fist.
      Close the Speculators Market...another sad joke from the parasites on Wall Street...
    • A Yahoo! User  •  10 mths ago
      Funny how Rupert Murdoch and the Koch Brothers have built their empires on lies...

      And Christian rednecks still listen to them.

      Christian rednecks: Capitalism has failed the entire world over the last three years, yet you morons who believe we rode on dinosaurs 6,000 years ago still manage to influence the debate.
     Post a comment
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